Frequenty Asked Questions
We've provided the answers to our most frequently asked questions. If you can't find your answer here, one of our mortgage professionals will be able to help.
The short answer is, it depends. Some loan programs, like VA loans, have approvals with no down payment at all. There is also the very popular conventional loan program that offers a mortgage approval with only a three percent down payment. The lowest rates come with the lowest risk, as you contribute more of your money to the purchase, you will have more of a vested interest in repaying the loan.
1} Money in checking and/or savings accounts
2) Gift funds from family members
3) Money borrowed from a 401k or an IRA
4) Proceeds from the sale of another home
We have a lot of different programs that can benefit borrowers in a range of circumstances but the programs that stand out because of reduced requirements or expedited processing requirements are as listed as below:
FHA Streamline - This is a program designed for exiting FHA loan holders to refinance their loan without a labor-intensive document submission process.
VA Interest Rate Reduction Refinance Loan ( VAIRRRL) Veterans with existing VA loans can take advantage of this program to reduce their rate and or term. These loans don’t require appraisals and the underwriting process is very brief.
Home Affordable Refinance Program (HARP) - In response to the economic crisis of 2007-2009, Fannie Mae and Freddie Mac came out with the HARP program. This program allows you to refinance
Most refiancing eligibility begins within 6 months of closing your current loans.
The process varies depending on the loan option chosen but the majority of our loans close between 14 and 30 days time after origination.
Your loan expert will communicate the deails of your loan approval as soon as it is obtained in some cases the approval is generated in just minutes.